Compliant Naira
CNGN
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
CNGN (Compliant Naira) is a fully collateralized Nigerian Naira-pegged stablecoin issued by WrappedCBDC Limited under the regulatory incubation framework of the Nigerian Securities and Exchange Commission (SEC) and oversight by the Central Bank of Nigeria (CBN). The project demonstrates positive regulatory alignment, active multi-chain deployments (Base, Ethereum, BNB Smart Chain, Polygon), third-party smart contract audits by FailSafe, and regular monthly reserve attestations showing reserves exceeding circulating supply. However, the asset faces significant structural constraints: governance and token minting/burning remain highly centralized, community engagement and decentralized governance are absent (scoring 2.5/10), and secondary market liquidity is exceptionally thin with negligible daily trading volumes. No qualifying red-flag events, exploits, depegs, or regulatory enforcement actions were identified. The overall score of 5.5 mathematically reflects the weighted average of the section scores.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Compliant Naira (CNGN)
Compliant Naira (CNGN) is a collateralized stablecoin pegged 1:1 to the Nigerian Naira, issued by WrappedCBDC Limited. The project is backed by a consortium of technology entities, including Convexity Technologies, Interstellar Technologies, and Alpha-Geek Technologies. Operating under the regulatory framework of Nigeria's 2025 Investments and Securities Act and the Securities and Exchange Commission (SEC) of Nigeria's Regulatory Incubation Program, CNGN is designed to provide a compliant digital alternative for remittances, payments, and fintech integrations across multiple blockchain networks, including Base, Ethereum, BNB Smart Chain, and Polygon.
The token utilizes an elastic mint-and-burn supply mechanism governed by fiat deposits and redemptions, with reserves held in approved commercial banks. The issuer publishes monthly reserve attestations, with an independent auditor's report from October 2025 indicating that total fiat reserves exceeded circulating supply. In terms of technical security, the project has undergone a smart contract audit conducted by the security firm FailSafe.
Despite its regulatory alignment, CNGN exhibits several structural constraints and market risks. Token governance and supply management are fully centralized under the issuing entity, with no decentralized autonomous organization (DAO) or community governance layer. Additionally, secondary market liquidity is thin, characterized by negligible daily trading volumes and significant discrepancies across market data aggregators, with on-chain adoption remaining limited on specific chains like Ethereum.